CPI (8)1

Spring 2012, Volume 8 Number 1

In this issue:

The Spring 2012 issue of Competition Policy International takes a look back at articles that have challenged and advanced antitrust scholarship. We then take a step forward by asking the authors to provide updates on their works and explain how changes--or lack thereof--in competition law and policy have affected their views since the articles were published.

Letter From the Editor
  1. Elisa Mariscal, Jun 20, 2012

    Letter from the Editor - Spring 2012

    CPI revisits its archives to see how much--or little--has changed in competition policy and law.

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Protectionism in the European Union
  1. Alex Nourry, Nelson Jung, Jun 19, 2012

    Protectionism in the Age of Austerity – A Further Unlevelling of the Playing Field?

    The European Commission’s recent decisional practice demonstrates its continued resolve to block the creation of national—or even European—champions where it considers that such mergers would significantly impede effective competition. Alex Nourry (Clifford Chance) & Nelson Jung (OFT)

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  2. Alex Nourry, Nelson Jung, Jun 19, 2012

    EU State Measures Against Foreign Takeovers: “Economic Patriotism” in All But Name (reprint)

    This article examines the compatibility of special rights and other state measures with the EC’s single market objectives within the framework of the EC Treaty and their impact on foreign takeovers and investments. Alex Nourry (Clifford Chance) & Nelson Jung (OFT)

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    Deterrence and Punishment in Antitrust
    1. Douglas Ginsburg, Joshua Wright, Jun 19, 2012

      Interview: Update on "Antitrust Sanctions"

      The authors show why the mix of sanctions they advocated in 2010 is still relevant today. Douglas Ginsburg (U.S. Court of Appeals, DC Circuit; NYU School of Law) & Joshua Wright (George Mason University School of Law).

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    2. Douglas Ginsburg, Joshua Wright, Jun 19, 2012

      Antitrust Sanctions (reprint)

      Corporate executives will not be deterred as long as consumers and shareholders bear the brunt of antitrust penalties. Douglas Ginsburg (U.S. Court of Appeals) & Joshua Wright (George Mason Univ.)

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      • Donald Klawiter, Jun 19, 2012

        Interview: Update on "Antitrust Criminal Sanctions: The Evolution of Executive Punishment"

        This interview serves as a companion update to Ginsburg & Wright's article, as it explains how their proposed model works on the ground and with compliance programs. Donald Klawiter (Sheppard Mullin)

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      • Donald Klawiter, Jun 19, 2012

        Antitrust Criminal Sanctions: The Evolution of Executive Punishment (reprint)

        The increased focus on the defendant executive raises a number of problems that will keep company counsel, as well as targeted executives and their independent counsel, awake at night. Donald Klawiter (Sheppard Mullin)

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        Merger Analysis
        1. Malcolm Coate, Jun 19, 2012

          Collusion Theories in Merger Analysis: Still Alive and Kicking

          Comparing the level and outcome of collusion and unilateral effects analyses over the 1993-2010 time period shows how facts, not theory, appear to affect FTC evaluations. Malcolm B. Coate (Federal Trade Commission)

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        2. Malcolm Coate, Jun 19, 2012

          Alive and Kicking: Collusion Theories in Merger Analysis at the Federal Trade Commission (reprint)

          This paper undertakes a systematic review of 75 merger decisions to identify the conditions that increase the likelihood of a collusion finding. Standard structural concerns are readily identified, while behavioral factors defy characterization. The results of the analysis also support a Folk Theorem in which structural concerns are validated with some type of performance evidence. Malcolm B. Coate (Federal Trade Commission)

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          • Ken Heyer, Jun 19, 2012

            Welfare Standards and Merger Analysis Revisited

            How have the revised Horizontal Merger Guidelines affected welfare standards in merger analysis? Ken Heyer (Federal Trade Commission)

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          • Ken Heyer, Jun 19, 2012

            Welfare Standards and Merger Analysis: Why Not the Best? (reprint)

            The author argues for using the total welfare standard, rather than the more commonly employed consumer welfare standard. In doing so, Heyer responds to three broad objections that have been raised. Ken Heyer (Federal Trade Commission)

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            The Use and Spread of Screens
            1. Rosa Abrantes-Metz, Patrick Bajari, Jun 19, 2012

              Screens for Conspiracies and Their Multiple Applications (reprint)

              Screens are not only useful to antitrust agencies; they can also be powerful tools for plaintiffs and defendants in antitrust cases. Rosa Abrantes-Metz (Global Economics Group, NYU Stern School of Business) & Patrick Bajari (Univ. of Minnesota)

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              • Rosa Abrantes-Metz, Jun 19, 2012

                Interview: Update on "Screens for Conspiracies and Their Multiple Applications"

                Screens are gaining considerable traction as they are being adopted by regulators, competition authorities, and financial institutions. Rosa Abrantes-Metz (Global Economics Group, NYU Stern School of Business)

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              The Classics
              1. Jun 19, 2012

                Joseph Schumpeter on Competition (reprint)

                How did Joseph Schumpeter become so critical to antitrust scholarship when so little of his writing even purports to address the subject directly? Thomas McCraw (Harvard Business School)

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                • Jun 19, 2012

                  A Note on Director & Levi (1956) (reprint)

                  Prof. Keith Hylton of Boston University School of Law presents this new introduction to “Law and the Future: Trade Regulation,” by Aaron Director and Edward H. Levi.

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                  • Jun 19, 2012

                    Law and the Future: Trade Regulation (1956) (reprint)

                    In this article, Aaron Director and Edward H. Levi present several contemporary problems in antitrust at the time the article was written, and describe several tenets of what would become known as the Chicago School of antitrust.

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                    eBook
                    1. Jun 19, 2012

                      CPI Spring 2012 eBook

                      Download the CPI Spring 2012 eBook (PDF).

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                      About the CPI Journal

                      Competition Policy International is a peer-reviewed, academic journal that covers competition law, economics, and policy. Issues are published twice a year in the Spring and Autumn and in both print and online forms (print ISSN 1554-0189; online ISSN 1554-6853).

                      Past Issues

                      Archives

                       

                      Founder and Publisher
                      David S. Evans
                      University of Chicago, Chicago, IL, and 
                      University College London, London, U.K.

                      Editor-in-Chief
                      Elisa V. Mariscal
                      Centro de Investigación y Docencia Económicas (CIDE), and 
                      Instituto Tecnológico Autónomo de México (ITAM), Mexico

                      Co-Editors
                      Mark Armstrong
                      University College London
                      London, U.K.

                      Antonio Bavasso
                      University College London and
                      Allen & Overy, London, U.K.

                      Keith N. Hylton
                      Boston University School of Law
                      Boston, MA, U.S.A.

                      R. Ian McEwin
                      National University of Singapore
                      Singapore

                      Susan Ning
                      King & Wood
                      Beijing, China

                      Michael A. Salinger
                      Boston University School of Management
                      Boston, MA, U.S.A.

                      Editorial Board Chairman

                      Richard Schmalensee
                      MIT Sloan School of Management 
                      Cambridge, MA, U.S.A.

                      Editorial Board
                      Joseph Angland
                      White & Case
                      New York, NY, U.S.A.

                      Christopher Bellamy
                      Linklaters
                      London, U.K.

                      Dennis W. Carlton
                      University of Chicago
                      Chicago, IL, U.S.A.

                      Frank H. Easterbrook
                      U.S. Court of Appeals for the 7th Circuit
                      Chicago, IL, U.S.A.

                      Einer R. Elhauge
                      Harvard Law School
                      Cambridge, MA, U.S.A.

                      John Fingleton
                      U.K. Office of Fair Trading
                      London, U.K.

                      Nicholas J. Forwood
                      General Court of the European Union
                      Luxembourg. Lux.

                      Douglas H. Ginsburg
                      U.S. Court of Appeals for the DC Circuit
                      Washington, DC, U.S.A.

                      Herbert Hovenkamp
                      University of Iowa College of Law
                      Iowa City, IA, U.S.A.

                      William J. Kolasky
                      WilmerHale
                      New York, NY, U.S.A.

                      Valentine Korah
                      University College London
                      London, U.K.

                      Bruno Lasserre
                      Autorité de la Concurrence
                      Paris, France

                      Mario Monti
                      Bocconi University
                      Milan, Italy

                      Timothy J. Muris
                      George Mason University School of Law
                      Arlington, VA, U.S.A.

                      Eduardo Pérez-Motta
                      Federal Competition Commission
                      Mexico City, Mexico

                      Richard Posner
                      U.S. Court of Appeals for the 7th Circuit
                      Chicago, IL, U.S.A.

                      Patrick Rey
                      IDEI and University of Toulouse
                      Toulouse, France

                      Vivien Rose
                      Competition Appeal Tribunal
                      London, U.K.

                      Bo Vesterdorf
                      University College London, London, U.K. and
                      Plesner, Copenhagen, Denmark